How to Spot and Avoid Scams on Crypto Gambling Platforms
Crypto online gambling is becoming extremely popular because these digital assets give them tons of benefits. Instant deposits and withdrawals and high/unlimited caps on transactions are among them.
One of the latest trends is crypto casinos without verification. These casinos are designed to give you a straightforward experience without any hassle, and their allure attracts many players.
However, the rise of reputable crypto online gambling sites is also what caused the rise of platforms with fraudulent activities. These sites have one goal in mind – conduct account takeovers and make unauthorized transactions.
Some of them have become extremely sophisticated and it’s hard for legitimate players to find out whether they’re registering at a casino site that wants to make an online gambling fraud. That’s why we decided to point out a few features that will help you in fraud detection.
No License
Every legitimate crypto casino site must have a valid license. This license is issued by domestic or international regulators. Checking it is very simple. Just access the website and scroll to the bottom of the homepage.
The license information should be displayed in the footer. You should have a clear view of the company that operates the online casino, the registered address, the license number and the governing body that issued the license. If this information is not available, then you’re probably dealing with a site whose goal is to conduct online casino and online sports betting scams.
No Provably Fair Gaming or RNGs
All online casinos with licenses are required to enforce fair play. Crypto casinos like CryptoRush have taken this requirement to the next level. They use provably fair gaming, which is a random prediction software. It features two seeds – one from the casino and one from the player.
When you start the betting round, both of these seeds mix and create a new number, designed to be the outcome of the round. That’s how they ensure that every outcome is random and every player has an equal chance of winning. The best thing about provably fair is that you can check whether the outcome was truly random by using third-party seed generators.
Alternatively, a site may use RNGs, which is an algorithm that also creates random outcomes. The only difference between provably fair and RNGs is that the latter doesn’t have a feature in which you can check if the outcome was truly random or not.
Long story short, platforms that don’t use any of these tools for their games are online gambling scams.
Bonuses That Are Too Good To Be True
This is one of the most common types tied to fraudulent activity. Bonuses are the best marketing tools for online gambling sites. Players that receive decent promotions will always give the edge to certain operators.
Bonus abuse occurs when fraudulent gambling websites offer bonuses that are simply too good to be true. For example, a casino might provide you with a 1,000% match on a deposit of just 10 USDT without any wagering, no game restrictions and no maximum bet limits.
This is the epitome of suspicious activity. Scammers know that players sometimes might get hooked due to FOMO and that’s when they use the opportunity to grab hold of your sensitive information and misuse it.
So, if the featured bonuses for the available single or multiplayer games are too good to be true, then you’re likely looking at a potential casino/sports betting scam.
Bad or No User Experience Reviews
Search for online reviews from unsuspecting users. They will tell you a lot about whether the Bitcoin sportsbook or casino faces any legal issues. They’re also a good way to spot potential red flags.
Read the reviews to see information regarding withdrawals, sending bank account details, game payouts, winnings from other consumers, does the customer support team help customers, etc. It never hurts to do extra research.
If the reviews are good and if you can’t find a fallen victim, then it’s likely safe to deposit money at the platform and use its services. However, if the reviews state the opposite of preventing fraud, then you should avoid the site at all costs.
No Two Factor Authentication
One of the best ways to make sure that access to your account is restricted is to have 2FA. That way, you’ll know if an unwanted third party is trying to log in to your profile and conduct identity theft.
In the modern era, 2FA means that you need to enter your username and password to log in and enter a code from an authenticator app. Most gambling sites have a 2FA tool and they enforce it really well. If the platform doesn’t have one or it allows you to create multiple accounts with just one email, then it’s most likely a scam.
Final Thoughts – Regularly Check for Fraudsters and Make Sure that You Register and Play in a Global Leader for iGaming
There’s no point in registering at casino sites if the platform shows signs of increased risk of scams. Remember, the goal of playing at casino sites is to have fun and maintain a high level of security.
Minimizing financial risks is all about finding an online gambling site that holds a valid license, uses SSL encryption and enforces responsible gambling policies. The platform must also have tools that ensure fair play. If these aren’t present, then you should avoid signing up, depositing funds and placing any types of bets.
FAQ
Do gamblers get scammed at online casinos?
Online gambling fraud is unfortunately present and there are sites whose sole business is to attract players and conduct identity theft. To prevent this, you must make sure that you check the platform before registering and playing its games.
How to protect my account activity and make sure that nobody gains access to it?
The first and most important tool is to find a site that is licensed and secure. Then, use tools such as 2FA and secure payment methods. Additionally, if you ever spot a scam casino, make sure that you report it.
Are casinos without verification online gambling fraud?
No, casino sites that don’t require verification aren’t necessarily risk sites for bettors. It all depends on whether the casino has a license. If it doesn’t and the player reviews are bad, then you’re likely dealing with a scam site. However, if the site has a valid license and good reviews, you’re more than welcome to use its services.
